The grand old man of Indian media doesn't hesitate to call a spade a spade.

More importantly, unlike other chief executive officers, he has no qualms about admitting corporate mistakes.

But the thing that has earned him the admiration of everyone, even his enemies, is his vision.

As a trader Chandra bought space on a decrepit Chinese satellite in the early nineties when the reigning media barons of those days, the Jains of the Times Group, didn't think it was worth their while.

Meet India's first television moghul

He set up, under the Essel Group, India's first leisure park (Esselworld), the first electronic lottery company (Playwin), the first DTH operation (Dish TV), launched a newspaper in Mumbai with Dainik Bhaskar (DNA) and so it goes.

At Rs 5,028 crore (Rs 50.28 billion), the 19-year-old Zee is now India's largest media group by revenues along with the 173-year-old the Times Group.

It is for this ability to peer into the future that the International Academy of Television Arts and Sciences will award him the International Emmy Directorate Award in New York later this year.

Meet India's first television moghul

"Well I am trying to fix a gold refinery we bought in Maharashtra, developing an infrastructure business related to solid municipal waste, looking at our wellness and lifestyle channel for the US. . ." he replies.

The Essel Group has a whole lot of other interests including ones in education and flexi-packaging.

It is doing some pioneering work in primary schooling in Gujarat in a public-private partnership.

This is stuff close to Chandra's heart, clearly.

He holds forth on it for a bit.

What the world knows Chandra for, however, is his media mind. Doesn't he miss the industry?

Meet India's first television moghul

What does he make of the industry today? Chandra reckons there is too much structural anomaly.

"People think it is increasing healthily, but I think it is growing at half the pace," he says. For those who came in late, the Rs 30,000 crore (Rs 300 billion) broadcasting business has been in trouble for some time now.

A structural logjam ensures that digitisation and, therefore, pay revenues don't take off while ad revenue growth has been slowing.

On the other hand, costs, especially distribution, have been rising. Therefore, margins have halved to about 13 per cent over the last five years.

Isn't it evident that only a good independent regulator can deal with this mess, that this is not a 'market forces' problem?

Chandra has come alive by now, his face aglow and his mind fully focused on the conversation.

Clearly this man loves the media business.

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Image: Naved-ul-Hasan celebrates the wicket of Andre Fletcher at an Indian Cricket League match.Photographs: Reuters

Meet India's first television moghul

"It was a question of the broadcaster, multi-system operator or signal distributor and cable operator sitting down and working together.

"We are always at loggerheads with each other -- broadcasters call cable operators thieves and they call us thieves. The industry as a whole should work together," he says.

Suddenly he relaxes.

"This (media) industry should have an independent regulator. It influences the masses far too much. When I see my shows, I ask my programming guys 'Is this what people want to watch?' this is depressing.

"When I see some of the laughter shows on some channels, I wonder how a father and daughter can sit and watch it. We need a regulator who will understand both content and business issues."

Meet India's first television moghul

For anyone old enough to remember there were, among others, Tara and Banegi Apni Baat (which discovered talents like Irfan Khan and Shefali Shah).

That still doesn't tell me why Zee, India's first home-grown broadcast network, built on home-grown formats like Antakshari, did not take that initiative to bring changes.

Does this industry, and that includes Zee, lack leaders? He doesn't hesitate for a second before answering; "People look at each other with a different mindset.

"If Subhash Chandra wants to take the lead, they will say 'they are successful they can do anything.' The Marans [of Sun TV] are the other successful group, but they are an island of their own. I don't remember them attending a single industry forum.